Chinese Police Hold MicroBT CEO Allegedly Over Dispute With Bitmain

The founder of Bitcoin mining rig manufacturer MicroBT is being held as of Nov. 8 by Shenzhen Police to assist in an investigation, according to a local news source. Police are likely to be questioning Zuoxing Yang over allegations of intellectual property infringement regarding the technology of Beijing-based Bitmain. Previous allegations of patent infringement Yang previously worked at Bitmain as processor design director, and developed the Antminer S7 and S9 models. Allegedly unhappy after talks over stock options fell through, Yang left, and raised $20 million to found MicroBT. In…

Video: Paul Puey on Edge Wallet and Bitcoin Privacy

After becoming involved in the Bitcoin space in 2013, Paul Puey founded a unique and innovative wallet called Airbitz. Even at the time, the focus was on encrypting data by default, backing up the private keys and simplifying the user experience. But after deciding to enter multiple partnerships in order to seamlessly integrate various exchange services directly into the user interface, the wallet was rebranded as Edge. “You would choose Edge as a way to buy bitcoin, and actually I think that’s its biggest value proposition,” said Puey. As opposed…

VeChain Unveils Food Tracing Solution Foodgates at China’s Import Expo

Singapore-based blockchain application platform VeChain has unveiled a new blockchain tracking system for the food and beverage industry. In a blog post on Nov. 7, the company confirmed it was working with food certification group DNV GL and supply chain specialist ASI Group on the project, known as Foodgates. VeChain “direct beneficiary” of pro-blockchain stance The original announcement came at this year’s China International Import Expo (CIIE), being held from 5-10 Nov. in Shanghai. “The immutability of public blockchain coupled with verifiable information makes this solution really unique,” VeChain COO…

CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance

For better or for worse, the cryptocurrency space is coming of age. Since Bitcoin’s rise to mainstream prominence in 2015, there has been increasing recognition of digital assets from government agencies around the world. In turn, new regulations are being imposed to control the way cryptocurrency companies operate and do business globally.  Most recently, the Financial Action Task Force issued new guidelines on how digital assets should be regulated. In order to raise awareness around these requirements, the blockchain security company CipherTrace hosted a conference and hackathon this week in…

Power Ledger Strikes Deal to Roll Out Blockchain in South Australia

Australian blockchain energy firm Power Ledger has partnered with a local energy retailer to roll out its technology in South Australia. Power Ledger’s blockchain-based software will allow Australians to pool their excess solar and battery storage to a Virtual Power Plant for greater control and management over their energy. Commercial deal with Australian electricity wholesaler Powerclub Within the partnership, Power Ledger will be integrating its blockchain-based energy trading application Virtual Power Plant (VPP) to a commercial offering of Australian electricity wholesaler Powerclub, the firm announced Nov. 7. Similarly to other…

Bitcoin Price Breaks Below $9,000, Historic Rally Now In Jeopardy

Two weeks ago, Bitcoin price set a record for its third-largest 24-hour gain in the young asset’s short history, rocketing from $7,400 to $10,500 from low to high. After weeks of consolidation, the crypto asset has run out of steam and has begun to fall, first breaking below support at $9,000 where it is currently trading. Can bulls push Bitcoin price back above support and make a push higher, or will bears regain control and potentially set a new local low? Bitcoin Price Finds Itself In Another Descending Triangle, Breakdown…

Pension Funds Double Crypto Asset Exposure in Morgan Creek’s Fund to 1%

Morgan Creek Digital now takes up around 1 percent of the assets of two Fairfax Retirement System pension funds – an investment which has more than doubled since taking their first position in the fund that closed in February. Two of the three pension funds under the system from Fairfax County, Virginia, the Police Officer’s Retirement System and Employees’ Retirement System, invested $55 million in Morgan Creek’s second fund in October. The new allocation came after seeing good preliminary results from the first fund, in part because of the performance…

FBI Director: Cryptocurrency Is ‘Significant Issue’ for Law Enforcement

Federal Bureau of Investigation Director Christopher Wray says cryptocurrency is a “significant issue” that is likely to become a “bigger and bigger” problem for the law enforcement agency. Speaking in front of the U.S. Senate Homeland Security and Governmental Affairs Committee on Tuesday, Wray responded to questions from U.S. Senator Mitt Romney (R-UT) about cryptocurrency, law enforcement and terrorist deterrence, saying: “We are looking at it from an investigative perspective, including tools that we have to follow the money even in this new world that we’re living in.” Wray supported…

Libra Would Be Trusted If Run by IMF

The former head of People’s Bank of China (PBoC), Zhou Xiaochuan has argued that the Libra stablecoin would be more readily trusted if it were in the hands of an organization like the International Monetary Fund (IMF). Zhou is the longest-serving governor of China’s central bank to date, having held the role between 2002 and 2018. During his tenure, China soared to become one of the world’s leading economies. Zhou made his comments during a speech delivered in Beijing as part of the 10th Caixin Summit on Nov. 8, according…

Standard Chartered Banking Group Joins Ethereum Enterprise Alliance

International banking group Standard Chartered has become the latest member of a blockchain standard-building organization, the Ethereum Enterprise Alliance (EEA). In a press release issued on Nov. 6, Standard Chartered said the move would allow it to expand its client offerings across its 60 international markets. Standard Chartered is latest EEA banking member “Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services,” Group Chief Information Officer, Dr. Michael Gorriz, commented. The EEA formed in March 2017 as a collaborative effort…